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Lower House Passes Tax Reform Bill

BRAZIL
  • Brazil’s Lower House passed a tax reform bill in two separate votes Friday, delivering on President Lula’s goal of securing its approval before the end of the year.
  • Analysts have noted that during the final vote, legislators removed some of the subsidies and tax benefits proposed earlier during the legislative process (such as sanitation and distributed solar energy operations), which could have led to a higher VAT rate overall. The next phase of the tax reform is the discussion on the complementary laws, which will determine the final guidelines of the reform, a process likely to start next year.
  • JPMorgan said the final version is not without its flaws, in their view, straying from an ideal reform with the creation of several tax rates and special regimes, as well as the imposition of fiscal costs to the central government being particularly subject to criticism. Even so, JPM caution the need to keep in mind that this is the first major change to indirect taxes since 1988’s Federal Constitution, one that they see with optimism over the long term.
    • As expected, several critical details must be addressed in additional bills before the transition kick-off by 2026. Those will be formally introduced into public debate in up to 180 days after the amendment becomes part of the Constitution.
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